Bitcoin ETFs return to form with $192 million inflows.
(Photo by Andrew Burton/Getty Images)
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Key Takeaways
Bitcoin ETF inflows have not exceeded $125 million since July 29, 2024.
Ethereum ETFs saw net outflows of $3 million as bulls worked to push ETH back above $3,000.
BlackRock’s net inflows now total $20.31 billion. Grayscale’s net outflows total $19.37 billion.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their highest day of net inflows, weeks after a period of uncertainty and market decline.
Perhaps as a sign of positive sentiment, institutional investors appear eager to buy up BTC ETFs now that the premier crypto’s value is back above $60,000.
Bitcoin ETFs
As per data gathered by SoSoValue, Bitcoin ETFs have seen net inflows of $192.56 million on Aug. 8, 2024, signaling a return to form as the price of BTC nudges back above $60,000.
Bitcoin ETF flows. Source: SoSoValue
BlackRock’s iShares Bitcoin Trust (IBIT) secured top billing with a net inflow of $157.6 million, bringing the fund’s cumulative net inflows to $20.31 billion.
WisdomTree’s Bitcoin Trust (BTCW) saw its single largest day of net inflows since launching, bagging a sturdy $118.52 million. The previous inflow record for BTCW stood at $10.5 million, which it netted yesterday. This is very significant as the fund had seen mostly neutral flows, or net inflows, maxing out at just over a few million throughout the past seven months.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) captured $65.25 million in net inflows, breaking from an 8-day neutral/net outflow trend. Similarly, ARK 21Shares’ Bitcoin ETF (ARKB) reversed its outflow trend, attracting $32.79 million in net inflows. Meanwhile, VanEck’s Bitcoin Trust (HODL) saw a more modest gain, with $3.38 million in net inflows.
ETF Outflows
No day of ETF inflows and outflows is complete without the Grayscale Bitcoin Trust (GBTC), which posted $182.94 million in net outflows. This would be its largest day of outflows since April 8, 2024.
Aug. 8 brings Grayscale’s cumulative net outflows to $19.37 billion. Furthermore, GBTC is the only Bitcoin ETF in the red. The Grayscale Mini Bitcoin Trust was launched recently, seemingly to recapture these outflows. But with only $250 million in cumulative net inflows, its launch may be too little, too late, for Grayscale’s clients.
Interestingly, the Hashdex Bitcoin ETF (DEFI) saw its first-ever day of net outflows of $2.03 million. At this point, it’s unclear why the fund suddenly saw outflows despite relatively positive sentiment for other funds.
Bitcoin Options
It would appear that today’s positive flows come in a timely fashion. Over the past couple of days, it has been revealed that fund issuers are seeking to have options trading enabled on their Bitcoin and Ethereum ETFs.
Although it was believed that Grayscale and BlackRock applications would take a year to finalize, ETF analysts Eric Balchunas and James Seyffart think they’ll arrive in Q4 2024.
Just as “comments from the SEC” was a good sign in our ETF approval odds we think this is good sign here too. Bc if they were just gonna deny outright why bother engaging at all? https://t.co/CPAOl5eU3f
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
